Case-Shiller Weak: Home Prices Down In 15 Of 20 Markets

The number:

A 1.7% rise in the 20-city composite (year-over-year) is worse than expectations.

Home prices were down sequentially in 15 of the 20 markets. That’s the real story.

Says S&P’s David Blitzer: “There’s no way to sugar-coat this report.”

And bear in mind, this is all before the foreclosure-gate stuff hit.


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Background: Analysts are looking for a 2% rise in the 20-city Case-Shiller index. That would be down a bit from the previous month, but bear in mind that this is an August number, and it also takes into account July and June, and there’s been a lot of sturm and drang since the period closed.

But this is the gold standard of housing indices, so it must be respected.

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